Net Element, a provider of mobile payment technology solutions, has entered into a payment gateway processing agreement with the UAE-based Mashreqbank.

The agreement will include transaction clearing, draft capture and settlement of bankcard transactions in multiple currencies, and full integration with its Internet Payment Gateway and risk management services.

Net Element FZ, LLC UAE CEO and managing director Suresh Menon said: “We are excited about our partnership with the award-winning Mashreqbank, UAE’s leading financial institution. Under this agreement, Net Element will launch its merchant acquiring in the UAE as part of its government payment processing solutions offering.”

Mashreqbank head of payments Pankaj Kundra said: “At Mashreq we continue to look at new and innovative financial solutions for our partners and customers. In line with our efforts, our partnership with Net Element FZ, LLC Dubai is yet another step in our endeavor as we contribute to Dubai’s vision toward Smart City.

Established in 1967, Mashreq operates in 11 countries outside the UAE with 21 overseas branches and offices spread across Europe, US, Asia and Africa providing a range of international financial services.